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LNG ship hire rates are tightening
Aug 31: Newbuild LNG ship orders have picked up in 2018 compared to 2016 and 2017, and 33 newbuilding orders have been placed year to date of which about 18 are assumed speculative.
8The current order book for LNG vessels above 100,000 cbm (excl. FSRU and FLNG) is 90 vessels, of which 31 are potentially available for contract.
8Although the order book represents almost 20 % of the fleet, market analysts expect the 91 MTPA of new LNG production scheduled to start up from 2018 to 2021 to require more vessels than the current available tonnage and order book during periods of high ton-mile demand.
8Although rates and activity softened at the start of Q2 in line with normal seasonal patterns, increased LNG production coupled with strong power generation demand in the Far East in the latter part of the quarter saw average market rates in the quarter 50 % above Q2 2017 levels.
8Activity in Q3 initially softened but has again started to improve as buyers already start to prepare for winter, and owner’s expectations are correspondingly high.
8The long-term outlook for LNG shipping remains promising.
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